An Econometric Analysis on Financial Determinants of Renewable Energy Investments in Developing Countries

Öz

Although it is one of the most important causes of global warming and climate change, the fact that fossil resources are depleted and can be imported for most countries brings with it the problem of energy supply security. For these reasons, there has been a serious trend towards the production of energy from alternative sources in the world in recent years. This study examined the effect of financial development level and foreign direct investment on renewable energy investments from the perspective of 19 developing countries. The share of renewable energy in total energy production is considered as the dependent variable while the level of financial development and foreign direct capital inflows are considered independent variables. According to the econometric analyses made within the fixed effect MM-QR regression model framework, although the impact of the financial ecosystem on renewable energy production in developing countries is positive, this effect was not statistically significant at any quantile level. On the other hand, although the impact of foreign direct investment on renewable energy production is negative, this situation is statistically substantial at medium and high quantile levels. In addition, it can be said that this study offers important policy implications to those concerned.

Anahtar Kelimeler

• Renewable Energy
• Financial Development
• Foreign Direct Investment

Gelişmekte Olan Ülkelerde Yenilenebilir Enerji Yatırımlarının Finansal Belirleyicileri Üzerine Ekonometrik Bir Analiz

Öz

Küresel ısınma ve iklim değişikliğinin en önemli nedenlerinden biri olmasına rağmen, fosil kaynakların tükenmesi ve çoğu ülke için ithal edilebilmesi, enerji arz güvenliği sorununu da beraberinde getirmektedir. Bu nedenlerle dünyada son yıllarda alternatif kaynaklardan enerji üretimine yönelik ciddi bir eğilim görülmektedir. Bu çalışmada yenilenebilir enerji yatırımları üzerinde finansal gelişmişlik düzeyi ve doğrudan yabancı sermaye yatırımlarının etkisi, gelişmekte olan 19 ülke perspektifinden incelenmiştir. Toplam enerji üretimi içerisindeki yenilenebilir enerjinin payı bağımlı değişken, finansal gelişmişlik düzeyi ve doğrudan yabancı sermaye girişleri ise bağımsız değişken olarak ele alınmıştır. Sabit etkili MM-QR regresyon modeli çerçevesinde yapılan ekonometrik analizlere göre gelişmekte olan ülkelerde yenilenebilir enerji üretimi üzerinde finansal ekosistemin etkisi pozitif olmakla birlikte bu etki hiçbir kantil düzeyinde istatistiksel olarak anlamlı değildir. Buna karşın doğrudan yabancı sermaye yatırımlarının yenilenebilir enerji üretimi üzerindeki etkisi negatif olmakla birlikte bu durum orta ve yüksek kantil seviyelerinde istatistiksel olarak anlamlıdır. Ayrıca bu çalışmanın ilgililere önemli politika çıkarımları sunduğu söylenebilir.

Anahtar Kelimeler

• Yenilenebilir Enerji
• Finansal Gelişme
• Doğrudan Yabancı Sermaye

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